ROBERTSONS-ORKNEY_LIMITED - Accounts

ROBERTSONS-ORKNEY LIMITED - Company Information

Print Friendly Version

Company Registration No. SC280095 (Scotland)

ROBERTSONS-ORKNEY LIMITED

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2016

ROBERTSONS-ORKNEY LIMITED

CONTENTS

Page

Abbreviated balance sheet

1 - 2

Notes to the abbreviated accounts

3 - 5

ROBERTSONS-ORKNEY LIMITED

ABBREVIATED BALANCE SHEET

AS AT

30 NOVEMBER 2016

- 1 -

2016

2015

Notes

Fixed assets

Tangible assets

77,172

97,722

Current assets

Stocks

627,019

757,970

Debtors

463,525

365,662

Cash at bank and in hand

34,934

348

1,125,478

1,123,980

Creditors: amounts falling due within one year

(1,081,277)

(1,116,417)

Net current assets

44,201

7,563

Total assets less current liabilities

121,373

105,285

Creditors: amounts falling due after more than one year

(22,556)

(51,692)

Provisions for liabilities

(1,338)

(2,226)

97,479

51,367

Capital and reserves

Called up share capital

Profit and loss account

97,477

51,365

Shareholders' funds

97,479

51,367

ROBERTSONS-ORKNEY LIMITED

ABBREVIATED BALANCE SHEET (CONTINUED)

AS AT

30 NOVEMBER 2016

- 2 -

For the financial year ended 30 November 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board for issue on 1 February 2017

Mr E Stout

Director

Company Registration No. SC280095

ROBERTSONS-ORKNEY LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 30 NOVEMBER 2016

- 3 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

1.2

Compliance with accounting standards

The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).

1.3

Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

1.4

Goodwill

Acquired goodwill is written off in equal annual instalments over its estimated useful economic life.

1.5

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Land and buildings Leasehold

5% straight line

Plant and machinery

20% reducing balance

Fixtures, fittings & equipment

10% - 25% straight line

Motor vehicles

25% reducing balance

1.6

Leasing and hire purchase commitments

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account on a straight line basis.

Rentals payable under operating leases are charged against income on a straight line basis over the lease term.

1.7

Stock

Stock is valued at the lower of cost and net realisable value.

1.8

Deferred taxation

Deferred taxation is provided at appropriate rates on all timing differences using the liability method only to the extent that, in the opinion of the directors, there is a reasonable probability that a liability or asset will crystallise in the foreseeable future.

ROBERTSONS-ORKNEY LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 30 NOVEMBER 2016

- 4 -

Fixed assets

Intangible assets

Tangible assets

Total

Cost

At 1 December 2015

50,000

269,801

319,801

Additions

2,444

At 30 November 2016

50,000

272,245

322,245

Depreciation

At 1 December 2015

50,000

172,079

222,079

Charge for the year

22,994

At 30 November 2016

50,000

195,073

245,073

Net book value

At 30 November 2016

77,172

At 30 November 2015

97,722

Creditors: amounts falling due within one year

The aggregate amount of creditors for which security has been given amounted to £231,485 (2015 - £244,115).

The company has granted to its bankers, Bank of Scotland, a bond and a floating charge over its assets, as security for its overdraft and term loan borrowings.

The company operates certain plant and machinery on hire purchase terms.

Creditors: amounts falling due after more than one year

The aggregate amount of creditors for which security has been given amounted to £22,556 (2015 - £51,692).

The company has term loan facilities with Bank of Scotland, which are secured with a bond and a floating charge over the company's assets.

The company operates certain plant and machinery on hire purchase terms.

Share capital

2016

2015

Allotted, called up and fully paid

2 Ordinary shares of £1 each

ROBERTSONS-ORKNEY LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 30 NOVEMBER 2016

- 5 -

Related party relationships and transactions

Loans to directors

Transactions in relation to loans with directors during the year are outlined in the table below:

Description

% Rate

Opening Balance

Amounts Advanced

Interest Charged

Amounts Repaid

Closing Balance

Mr E Stout -

22,724

65,023

68,481

19,266

Mrs K Stout -

22,200

36,440

38,680

19,960

44,924

101,463

107,161

39,226

All loans between the company and the directors are interest free and there are no formal repayment terms.

Other transactions

During the period, the company sold to the directors' pension plan land and buildings for a consideration of £nil (2015: £84,353). Gains on the disposal of assets include a gain of £nil (2015: £37,396) in connection with this transaction; debtors include £45,946 (2015: £101,224) receivable from the pension scheme in respect of this transaction.